Canadian iron ore company Champion Iron Limited has announced that the Supreme Court of Newfoundland and Labrador has approved its acquisition of the Kamistiatusset iron ore project (Kami project) in Canada’s Newfoundland province.
The Kami project is a high-grade iron ore project near available infrastructure. Through the acquisition, the company expects to secure 8 million mt per year in additional port capacity at the multi-user berth in Sept-Iles, currently being used to export iron ore concentrate from Bloom Lake.
“While our company is rapidly gaining global recognition for its ability to deliver quality iron ore products, the acquisition would further position our company to service the rising demand for high-grade iron ore concentrate globally. The acquisition would add to our portfolio a highly prospective project, which is near existing infrastructure,” David Cataford, Champion's CEO, said.
The acquisition is expected to be completed in the fourth quarter this year.